Papua New Guinea’s tax office will now work closely with the country’s leading superannuation provider to share data on areas of mutual interest, after the signing of a partnership agreement between the Internal Revenue Commission (IRC) and National Superannuation Fund (NASFUND). IRC Commissioner General Sam Koim, and nasfund Chief Executive Officer Rajeev Sharma were on hand to sign this MoU. Commissioner General Koim said , this agreement is significant, and look set to deliver benefits for both organizations. “This agreement marks the first MOU between the Commission and an Approved Superannuation Fund – nasfund.” Under the terms of the MoU, both organizations will enhance information sharing capabilities that will enable the IRC to better comply with regulations and assess risks associated with salary packaging abuse by employees through their employers. “We welcome this collaboration with nasfund and are grateful for the Fund’s willingness to facilitating their request for similar terms under this agreement.” Koim mentioned that this MoU also represents a significant step forward in promoting transparency and accountability in the management of employee benefits. “We look forward to a productive and mutually beneficial partnership with nasfund.” nasfund CEO Rajeev Sharma, speaking on the MoU, highlighted the positive opportunities that are available through this strategic partnership. “As the country’s leading superannuation service provider and largest by membership, it is in our best interest to partner with key stakeholders to ensure we remain compliant, relevant and competitive in the ever-changing business environment in this part of the world. This partnership is a demonstration of our efforts in this regard.” The nasfund CEO Rajeev Sharma said both parties will agree to share information that may be used to ensure their contributing employers are being compliant. “Utilizing this partnership with IRC will also enable us to have greater visibility in key areas.” Sharma also explained that in the coming days, the website will provide members a link to the IRC website that will enable visitors to the IRC website easy access to nasfund. “This we believe will ensure that our current and prospective members have easier access to the Fund, and for our membership to also have easier access to the IRC and its services. It is important to note that no individual member data will be provided to IRC.” Through this partnership, information to be share with the IRC will include; • a list of names of registered employers with employees contributing to nasfund; • aggregate number of employees for each of the registered employers; and • list of contractors engaged by nasfund; • amount of contribution received from each employer in a year and to specify: I. the aggregate employee portion, II. the aggregate employer portion, and III. the aggregate voluntary portion (if any).